QuestionsCategory: CA-IPC Internal Control SystemEvaluation of internal control
Virender singh asked 4 years ago

Sir can you explain me difference between checklist and internal control questionnaire

1 Answers
RaviRavi Staff answered 4 years ago

Both are used to understand, analyse and then identify weakness in internal control system.
Checklist is list of questions, instructions given to team member, he has to follow instructions get answers for questions and fill the checklist. Whenever he gets no as answer, it indicates weakness.
ICQ is list of questions sent to management they have to read it understand it and answer it, regarding internal controls, here also whenever answer is no, it indicates weakness.